Wednesday, July 26, 2017

Country Break Or City Retreat? How To Afford Both And Make Money At The Same Time

If you work in the city, it makes sense that you would want to live there too. Nobody embraces a long commute, and besides, city life appeals to you. Imagine that hustle and bustle all around. You could pop to the bar next door anytime you wanted. You could head out for coffee at the drop of a hat.

But, there’s a small spanner in the works of your plan. You and your family already live in your dream home, and it’s in the middle of nowhere. Besides which, when it comes down to it, you’re not willing to give up on the peace of countryside living. Sure, the hustle and bustle are great, and no commute would be even better. But, nothing quite beats the feeling of arriving at your peaceful haven after a hectic day. So, what can you do? Either way, it feels as though you’re going to lose out on one of your dreams. But, that might not have to be the case. In truth, nothing is stopping you from having both a country break home and a city retreat. That way, you can spend weeknights close to the office, and weekends enjoying your haven. The money may, of course, seem like a problem. But, owning two homes may not be as expensive as you think. With a little careful planning, you could actually make money. All you need to do is ask yourself these questions.

Would It Make Financial Sense?This is the hardest question you need to answer during this decision. Would two homes make financial sense? Bearing in mind that you’ll need to afford the upfront cost of your new home, and pay bills on top. But, if the commute you’re making each day is a sizeable one, the costs may pay for themselves over time. To help you decide, make a detailed note of the mileage you drive over a month. If you catch public transport to work, keep all your tickets instead. Then, add up the cost of the commute for that month, and consider how much that would be over a year, two years, and so on. If it’s a lot more than you were expecting, the cost of a new home may not seem so extreme. Would You Be Willing To Make Compromises?Let’s be honest; few of us can afford to buy two houses straight up. Bearing in mind, also, that houses in the city can be pretty expensive. But, this could work if you’re willing to make compromises. Instead of getting a house in the city, you could opt for an apartment. It may not be what you had in mind, but it’s a much better option. You’ll still have your country home to spread out in. And, with developers like Meriton offering stylish city apartments, there’s no reason you can’t make this work. Bear in mind that you’ll need to consider size. Are your whole family going to spend the week in the city with you? You may find that you also have to compromise there. A large apartment is still going to set you back a fair amount. Could you live in the apartment alone, while your family stays in the country?

If you can’t stand the idea of being apart from your family, consider renting out the empty property when you no one's there. Of course, you can’t rent it out on a lease, or you wouldn’t be able to return there. But, you could always use it as a holiday rental. You could even consider doing this with both properties to make double your money. A move like this should more than cover the extra costs of bills. If you wanted, you could even use these funds to make improvements to each property, so they make you more money in the long run. Something like extending, or even just redecorating, could see you increasing your money when the time comes to sell.

Conclusion

No one said that owning two properties would be an easy pursuit. But, it’s the best way to enjoy both worlds. And, as you can see from the points above, it may even be an investment worth making. Consider whether this is a lifestyle which would suit you. Bear in mind that this option is only really doable if you can afford to buy properties up front. If you’re operating with mortgages, the chances are it wouldn’t pay off.